Polymarket Is Being Used for Massive Money Laundering

Criminals used stolen debit cards to place bets on Polymarket, attempting to siphon at least $10 million, according to the Wall Street Journal. A third-party payment processor rejected over 80% of incoming transactions as fraudulent, far above the roughly 1% industry norm.

• Fraudsters placed Polymarket bets using stolen debit cards
• Attempted theft totaled at least $10 million
• Processor rejected over 80% of transactions vs ~1% norm
• WSJ: CEO Shayne Coplan told compliance to keep the cash flowing